Tesla cuts prices as 4Q deliveries miss analysts' estimates

"The cars are quite expensive and they're still electric vehicles". This move is in response to the fact that Tesla customers can no longer claim the full $7,500 federal tax credit on a new EV purchase as of January 1, 2019. All this and more on Green Car Reports. This number is comprised of 63,150 Model 3 (signifying a 13% growth over Q3), 13,500 Model S, and 14,050 Model X vehicles.

The $44,000 Model 3 is seen as the most important auto for Tesla, with founder Elon Musk touting it as a more affordable vehicle aimed at bringing electric motoring to the masses.

The company also fell just short of its promise to deliver 100,000 Model S and Model X vehicles during the year.

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When Elon Musk first announced the mainstream Model 3 electric vehicle from Tesla in mid-2016, he proclaimed that the vehicle would have a base price of $35,000. Our inventory levels remain the smallest in the automotive industry, and we were able to reduce vehicles in transit to customers by significantly improving our logistics system in North America.

Tesla's shares plunged on the first day of 2019 trading after the company unexpectedly announced it was cutting prices by $2,000.

Tesla also plans to cut the prices of all their vehicles by $2,000 in an attempt to offset a reduction in federal tax credits for drivers who buy electric vehicles, previously buyers received $7,500 in federal tax credits but this figure was recently cut in half.

Ives added that Tesla shares are "hypersensitive to any issue around Model 3" and that it will remain a stock that is "guilty until proven innocent" until it discloses quarterly earnings figures next year.

Starting today, the company will be reducing its price for Model S, Model X and Model 3 vehicles in the USA by $2,000, it said. Tesla's own internal tracking shows its deliveries were in line with or above estimates, spokesman Dave Arnold told reporters. The company earned $311.5 million during the three months ending in September, swinging from a loss of $619 million at the same time past year.

As of the end of September, the company reported $9.7 billion in long-term debt and another $3.6 billion in accounts payable owed to parts suppliers and other companies.

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